Key Highlights
- Bitwise filed a Form S-1 with the U.S. Securities and Exchange Commission for a Bitwise Sui ETF on December 18, 2025.
- The proposed ETF aims to track the price of Sui via the Sui benchmark reference rate, less fees and expenses.
- Coinbase will provide the custody service for the new exchange-traded product (ETF).
Bitwise, a crypto index fund manager, submitted a Form S-1 to the U.S. Securities and Exchange Commission (SEC) on Thursday for a Sui-based exchange-traded product (ETF).
As per the filing, the Bitwise Sui ETF is designed to provide investors with exposure to the price performance of Sui without directly holding the token. The trust will issue shares that reflect the value of SUI held, adjusted for operating expenses.
The ETF is sponsored by Bitwise Investment Advisers and will rely on a third-party benchmark to calculate its net asset value (NAV). Coinbase Custody Trust Company is listed as the custodian for the trust’s SUI holdings, while the product will charge an annual sponsor fee, disclosed in the prospectus.
As with other crypto ETF filings, the offering remains subject to SEC approval, and shares cannot be sold until the registration statement becomes effective.
What’s clear, and what’s still missing
In its preliminary prospectus, Bitwise describes the Bitwise Sui ETF as an exchange-traded product designed to give investors exposure to Sui without directly holding the token.
The trust plans to calculate its NAV using the CME CF Sui-Dollar Reference Rate (New York Variant), positioning the product within the same benchmark framework already used by other crypto ETPs. However, the filing also makes clear that many operational and commercial details are not yet finalized.
The proposed listing exchange and ticker symbol are both left blank, as is the sponsor’s annual management fee, shown only as 0.[XXX]%. Seed capital amounts, initial share prices, and the size of early basket purchases are also undisclosed.
This level of redaction suggests the filing is an early-stage submission intended to start the SEC review process rather than signal imminent market launch.
How the ETF is structured
According to the prospectus, shares would be created and redeemed in blocks of 10,000 shares, known as “Baskets,” exclusively through authorized participants. Creations and redemptions could occur either in-kind using Sui tokens or in cash, depending on the sponsor’s arrangements.
The trust also plans to stake some or all of its Sui holdings, with Bitwise selecting third-party staking agents to operate validators. Coinbase Custody would maintain segregated custody accounts and handle the secure storage of the trust’s assets.
Bitwise entities are listed as seed investors and statutory underwriters for the initial baskets, though dollar amounts and timing remain unspecified.
Risk disclosures front and center
The Bitwise filing repeatedly emphasizes that investing in the trust carries risks comparable to direct exposure to Sui, alongside additional structural and market risks. The prospectus explicitly warns that the shares are “speculative securities” and may not be suitable for investors who are unable to tolerate high volatility or the possibility of total loss.
Notably, the trust would not be registered under the Investment Company Act of 1940 nor treated as a commodity pool, placing it outside several traditional regulatory regimes.
Part of a bigger ETF strategy
Bitwise has been among the most active issuers pushing beyond spot Bitcoin and Ethereum ETFs, exploring regulated exposure to a wider range of digital assets. The Sui ETF filing comes as Bitwise continues to roll out new crypto ETF ideas through 2025. Earlier this year, the firm made headlines when Chainlink (LINK) surged after Bitwise ETF filed with the SEC, followed by moves to push forward the Dogecoin ETF BWOW on the NYSE.
The SEC will review the SUI ETF S-1 filing and may request amendments or clarifications before making a decision.
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